Multitude Bank , a subsidiary of the Multitude Group, has entered into a strategic agreement with the Open Banking platform Salt Edge to deliver instant loan repayments. Focusing on optimising and augmenting the customer experience, Multitude Bank intends to utilise Salt Edge’s Open Banking technology to improve repayment processes.

By leveraging the Open Banking method, Pay-by-Link, customers are set to benefit from timely notifications about upcoming instalments, which in turn ensures a more convenient repayment process. In addition, Salt Edge’s Payment Initiation solution aims to enable Multitude Bank’s clients, who until now relied on traditional online banking, to make instant loan repayments, minimise transaction costs, and connect with over 2,300 banks across Europe. Multitude Bank and Salt Edge’s plans Before announcing this collaboration, Multitude Bank already implemented Salt Edge’s solution for consumer lending products.

At the time, the two organisations agreed to solidify their alliance by integrating a white-label Payment Initiation solution which allows the bank to provide payment initiation services to EMI-licenced payment service providers (PSPs). Through this expansion, Multitude Bank and Salt Edge are set to deliver Payment Initiation services, including local settlement and virtual accounts for processing payments in SEK, CZK, EUR, DKK, and GBP. Furthermore, when commenting on the announcement, representatives from Multitude Bank underlined that the decision to partner with Salt Edge can be attributed to the company’s flexibility, pricing, extensive coverage, and readiness to adapt to the bank’s specific needs and preferences. In addition, Salt Edge mentioned that, considering the capabilities of Open Banking, the firm plans to support Multitude Bank in equipping its clients with a safe and faster payment solution enabled by the technology.

As part of their alliance, the company centres its efforts around assisting the bank’s commitment to help consumers and small and medium-sized enterprises (SMEs), often overlooked by traditional financing, achieve their goals. Source: Link .